International Container Terminal Services reported robust unaudited financial results for the first quarter of 2026, with revenue from port operations reaching US$ 961.11 million, a 29% increase from US$ 745.42 million in the same period of 2025.
EBITDA grew 26% to US$ 617.87 million, while net income attributable to equity holders rose 23% to US$ 293.57 million.
Excluding a non-recurring charge related to the sale of Yantai International Container Terminal in China, recurring net income grew 29% to US$ 308.27 million. Diluted earnings per share increased 23% to US$ 0.143 from US$ 0.116 in the prior year period.
Consolidated throughput reached 4,084,901 TEUs in the first quarter, an 18% increase on the 3,471,913 TEUs handled in the same period of 2025.
The volume growth was driven primarily by two newly added terminals: Durban Gateway Terminal, which assumed operations at DCT Pier 2 in South Africa in January 2026, and Batu Ampar Container Terminal in Batam, Indonesia, which came on stream in September 2025.
Excluding contributions from these new operations, organic volume growth stood at 1 percent, with improvements in Asia and the Americas partially offset by a decline in EMEA volumes.
Revenue growth was supported by favourable container mix, tariff adjustments, higher ancillary service revenues and positive foreign exchange translation effects from the appreciation of the Mexican Peso, Australian Dollar and Brazilian Real.
Excluding new operations, revenue would have increased 19% on an organic basis. Cash operating expenses rose 40% to US$ 261.81 million, primarily reflecting costs from the new terminals, volume-driven expense growth and salary adjustments, partially mitigated by cost optimisation measures.
The EBITDA margin edged down to 64 percent from 66 percent, largely due to the initial cost profile of the new operations.
Capital expenditure for the quarter amounted to US$ 117.94 million.
The full-year 2026 capital expenditure budget of US$ 740 million will be directed toward ongoing expansions in Mexico, the Philippines, Brazil and the Democratic Republic of Congo, as well as four new expansion projects in Honduras, Australia, Ecuador and Mexico.
Chairman and President Enrique K. Razon Jr. attributed the results to the strength of ICTSI’s diversified global portfolio, disciplined cost management and careful capital allocation, and expressed confidence in the company’s ability to sustain long-term value creation through strategic network expansion.
